Here are 5 sure steps that you can use to really lower your credit score
. If you take these 5 tips and do just the opposite you'll be well on your way to establishing good credit.
A credit score is very important. Not only do lenders look at your credit score, but employers and many businesses that you'd like to deal with will run a credit check as well. Companies want to know that you are dependable and make your payments on time before they'll sign a lengthy or significant contract with you.
So here we go with our 5 steps. Most of these are easy, but there are a couple of harder ones. Step 1, don't pay your bills. Most credit card companies will wait a month or 2 before posting your account past due to the credit bureaus. You may have to stick it out at least 60 to 90 days for this to affect your credit score.
Step 2- Max out all your credit cards. In fact don't even pay attention to the balance; just spend away until one day none of your credit cards work. You might even get lucky and go over your limit.
Step 3- Shut down old credit accounts. It boosts your credit score if you can show you've reliably paid off your balances each month to a company over a significant amount of time. So continually close down accounts after a few months and open new ones to avoid this.
Step 4, open new accounts, and lots of them. Soon you will have a 2 inch stack that you won't know what to do with. You'll have so much fun juggling which credit card you will use to make payments on other credit cards and racking up interest charges.
Step 5- Apply for every loan you come across. Strange as it sounds, but part of your credit score takes into account the number of inquiries. Hey, it doesn't cost you a thing, apply away!
Step 6, declare bankruptcy. Go through a bankruptcy and you'll be guaranteed bad credit for the next ten years. Bankruptcy lowers your credit to the lowest ranking.